iren
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Post by iren on Feb 15, 2019 17:28:19 GMT
An email from Wellesley today states that it has received full FCA authorisation, and continued interim permissions to manage existing peer to peer investments. Wellesley will not recommence offering peer to peer investments and will continue to focus on bond issues: “In May 2017, we removed our legacy Peer-to-Peer product from sale and over the last 18 months, we have seen a strong demand for our bond products from both new and existing customers. As such we will not be relaunching a Peer-to-Peer product.” The relevant entries for Wellesley on the FCA Register are register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000bXfCdAAK and fca-consumer-credit-interim.force.com/CS_RegisterSearchPageNew?accId=655503.
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ferdy
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Post by ferdy on Jun 13, 2019 10:28:59 GMT
An email from Wellesley today states that it has received full FCA authorisation, and continued interim permissions to manage existing peer to peer investments. Wellesley will not recommence offering peer to peer investments and will continue to focus on bond issues: “In May 2017, we removed our legacy Peer-to-Peer product from sale and over the last 18 months, we have seen a strong demand for our bond products from both new and existing customers. As such we will not be relaunching a Peer-to-Peer product.” The relevant entries for Wellesley on the FCA Register are register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000bXfCdAAK and fca-consumer-credit-interim.force.com/CS_RegisterSearchPageNew?accId=655503. I am confused. Wellesley website states: Wellesley Finance Plc and Wellesley Secured Finance Plc are not authorised or regulated by the Financial Conduct Authority. Investments issued by Wellesley Finance Plc and Wellesley Secured Finance Plc are not covered by the Financial Services Compensation Scheme. Ideas ?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 13, 2019 10:55:33 GMT
An email from Wellesley today states that it has received full FCA authorisation, and continued interim permissions to manage existing peer to peer investments. Wellesley will not recommence offering peer to peer investments and will continue to focus on bond issues: “In May 2017, we removed our legacy Peer-to-Peer product from sale and over the last 18 months, we have seen a strong demand for our bond products from both new and existing customers. As such we will not be relaunching a Peer-to-Peer product.” The relevant entries for Wellesley on the FCA Register are register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000bXfCdAAK and fca-consumer-credit-interim.force.com/CS_RegisterSearchPageNew?accId=655503. I am confused. Wellesley website states: Wellesley Finance Plc and Wellesley Secured Finance Plc are not authorised or regulated by the Financial Conduct Authority. Investments issued by Wellesley Finance Plc and Wellesley Secured Finance Plc are not covered by the Financial Services Compensation Scheme. Ideas ? The bonds are promoted by Wellesley & co who operate the website and are authorised by the FCA. The bonds are issued by Wellesley Secured Finance which is not regulated. The bonds are an investment in Wellesley Finance which isn't operating under FCA and presumably makes the underlying loans which aren't regulated. So promotion is regulated, actual bonds/underlying investments aren't. Note FCA warning about 'cloning'.
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ferdy
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Post by ferdy on Jun 13, 2019 11:12:39 GMT
I am confused. Wellesley website states: Wellesley Finance Plc and Wellesley Secured Finance Plc are not authorised or regulated by the Financial Conduct Authority. Investments issued by Wellesley Finance Plc and Wellesley Secured Finance Plc are not covered by the Financial Services Compensation Scheme. Ideas ? The bonds are promoted by Wellesley & co who operate the website and are authorised by the FCA. The bonds are issued by Wellesley Secured Finance which is not regulated. The bonds are an investment in Wellesley Finance which isn't operating under FCA and presumably makes the underlying loans which aren't regulated. So promotion is regulated, actual bonds/underlying investments aren't. Note FCA warning about 'cloning'. Thanks but I am still 'invested' with Wellesley P2P rather than the bonds. Is their P2P FCA authorised ?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 13, 2019 11:25:04 GMT
The bonds are promoted by Wellesley & co who operate the website and are authorised by the FCA. The bonds are issued by Wellesley Secured Finance which is not regulated. The bonds are an investment in Wellesley Finance which isn't operating under FCA and presumably makes the underlying loans which aren't regulated. So promotion is regulated, actual bonds/underlying investments aren't. Note FCA warning about 'cloning'. Thanks but I am still 'invested' with Wellesley P2P rather than the bonds. Is their P2P FCA authorised ? They are winding it down under their existing interim permission, they do not have full authorisation for P2P lending. So yes they are authorised to continue handling existing P2P investments/customers but not any new loans. 'Wellesley & Co Limited must not facilitate any P2P agreements except in relation to its existing P2P customers' fca-consumer-credit-interim.force.com/CS_RegisterSearchPageNew?accId=655503
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ferdy
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Post by ferdy on Jun 13, 2019 11:27:56 GMT
Thanks but I am still 'invested' with Wellesley P2P rather than the bonds. Is their P2P FCA authorised ? They are winding it down under their existing interim permission, they do not have full authorisation for P2P lending. So yes they are authorised to continue handling existing P2P investments/customers but not any new loans. 'Wellesley & Co Limited must not facilitate any P2P agreements except in relation to its existing P2P customers' fca-consumer-credit-interim.force.com/CS_RegisterSearchPageNew?sfdcIFrameOrigin=nullThanks
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iren
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Post by iren on Jun 13, 2019 11:50:49 GMT
Yes, the issuing of mini bonds, which is Wellesley’s current model for new business, is not FCA regulated. As mini bonds are not stock market listed, the prospectus requirements for listed bonds also do not apply. The two types of bond offered by Wellesley represent debt owed by either Wellesley Finance plc or Wellesley Secured Finance plc, which are not regulated entities.
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